Al-Rajhi Bank posts SR 2.05 bn net profit

Announcing its interim consolidated financial results ended March 31, 2013, Al-Rajhi Bank stated that its net profit during the first quarter is SR 2.05 billion compared to SR 2.01 billion for the corresponding quarter of previous year, representing an increase of 2 percent, and compared with a net profit for the previous quarter SR 1.91 billion, representing an increase of 7.4 percent.
Total operating income for Q1 is SR 3.53 billion compared to SR 3.43 billion for the corresponding quarter of previous year, representing an increase of 3 percent.
Net profit from financing and investments during the first quarter is SR 2.41 billion compared to SR 2.33 billion for the corresponding quarter of previous year, representing an increase of 3.5 percent.
Earning per share for the three months is SR 1.37 compared to SR 1.34 for the same period of previous year.
Total assets as of March 31, 2013 is SR 276 billion compared with SR 234 billion for the same period of previous year, representing an increase of 18 percent. Total amount of investments as of March 31, 2013 is SR 43 billion compared to SR 39 billion for the same period of previous year, representing an increase of 10.2 percent.
Total amount of financing as of March 31, 2013 is SR 180 billion compared to SR 152 billion for the same period of previous year, representing an increase of 18.4 percent.
Customer deposits as of March 31, 2013 is SR 232 billion compared to SR 192 billion for the same period of previous year, representing an increase of 20.8 percent.
The reason for the rise in profits in the current quarter compared with the same period of previous year is due to higher income from operation income.
The reason for the rise in profits in the current quarter compared to the previous quarter is due to lower operation expenses.